David Martin’s Terra and the Morrison family’s Sympatico Real Estate have secured a $285 million construction loan for the Mr. C Hotel & Residences West Palm Beach project. The financing comes from Tyko Capital, a New York-based real estate firm backed by Elliott Investment Management.
The planned 27-story development will be located at 320 Lakeview Avenue in West Palm Beach. It will feature 110 hotel rooms and 146 branded condominiums, which owners can rent through the hotel program. The developers began sales of the waterfront property about two years ago, with Douglas Elliman leading sales efforts.
Aztec Group, based in Miami, represented the developers in securing this financing. According to information provided by the developers, 70 percent of the condos are already presold. Units will range from one to four bedrooms and span between 830 square feet and 2,200 square feet.
The building is designed by Arquitectonica with interiors by Meyer Davis. Planned amenities include a pool deck, spa, fitness center, business lounge, as well as food and beverage options managed by Mr. C—such as a Bellini Café, Bellini Restaurant, and a rooftop lounge.
Construction has just started on the project and completion is expected in 2027.
This marks the second Mr. C-branded residential project in South Florida for Terra; last year it completed Mr. C Residences in Miami’s Coconut Grove. The Mr. C brand is operated by Ignazio and Maggio Cipriani of the Cipriani family, who also have properties under this brand in New York, Dubai, and Beverly Hills.
Other members of the Cipriani family manage the Cipriani brand separately; they are currently developing Cipriani Residences in Miami’s Brickell neighborhood with Mast Capital as developer.
Tyko Capital has recently been active in South Florida real estate lending. Last summer it provided $565 million to refinance Vlad Doronin’s OKO Group and Cain International’s loan for the 830 Brickell office tower—a deal that was among South Florida’s largest refinancings.
Terra has an ongoing relationship with Tyko Capital; earlier this year Terra partnered with Jackie Soffer’s Turnberry to secure a $392 million construction loan from Tyko for their Miami Beach Convention Center hotel development.
